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The ratio between New Zealand house prices and rents | the Rent Ratio

Rent ratio

The data on this page relates the median house price to the annual house rent. It is a benchmark that is used internationally in the reviews of housing affordability, and is just one of a number of measures that can monitor this. For comparisons to US housing markets, see this NY Times review. The market peak referred in the following table differs for each city/district reviewed, and is specific for that city.

Updated 21 Jul 2015

Median

Median 3-br

--------------Rent ratio--------------

(see Notes below)

Population

House price

Yearly rent

Jun-15

Jun-15

Apr-14

Peak

% fall

Jun-15

Jun-15

Jun-15

NZ total

4,590,000

$450,000

$18,720

24.04

23.3

22.8

25.4

-5%

Whangarei District

80,500

$279,500

$16,640

16.80

17.4

18.6

23.0

-27%

Auckland metro

1,486,000

$755,000

$23,022

32.80

30.8

24.0

32.8

0%

- North Shore

$887,284

$28,600

31.02

31.7

27.1

31.8

-2%

- West

$757,870

$23,400

32.39

29.4

24.6

32.4

0%

- Auckland

$902,650

$30,160

29.93

31.1

24.9

31.1

-4%

- South

$678,536

$22,360

30.35

29.5

24.2

30.3

0%

Hamilton

145,600

$372,000

$18,720

19.87

20.3

19.5

23.6

-16%

Tauranga

115,700

$415,000

$19,760

21.00

20.9

21.6

26.0

-19%

Rotorua

68,900

$276,000

$14,820

18.62

15.9

16.4

21.9

-15%

Gisborne

46,600

$196,000

$14,560

13.46

14.7

15.5

26.4

-49%

Napier

57,800

$319,000

$17,160

18.59

17.0

18.8

21.7

-14%

Hastings

75,500

$296,000

$15,964

18.54

18.9

16.7

21.5

-14%

New Plymouth

73,800

$350,000

$18,720

18.70

19.5

19.0

23.6

-21%

Wanganui

43,500

$162,500

$12,480

13.02

11.6

13.1

20.2

-35%

Palmerston North

82,100

$290,000

$15,600

18.59

18.0

17.9

24.2

-23%

Wellington metro

487,700

$390,000

$18,620

20.94

20.1

19.1

23.5

-11%

- Kapiti Coast District

48,900

$333,000

$18,564

17.94

20.3

19.2

25.1

-28%

- Porirua City

52,700

$425,000

$20,280

20.96

23.4

19.8

28.2

-26%

- Upper Hutt City

41,500

$335,000

$19,500

17.18

16.7

16.3

22.8

-25%

- Lower Hutt City

103,000

$356,750

$18,980

18.80

17.6

19.8

22.9

-18%

- Wellington City

200,100

$493,556

$25,480

19.37

20.0

19.8

24.6

-21%

Nelson

46,200

$360,000

$19,500

18.46

20.0

20.0

24.1

-23%

Christchurch

367,700

$450,742

$23,400

19.26

19.6

19.1

22.7

-15%

Timaru

44,700

$313,128

$15,600

20.07

18.9

19.5

22.1

-9%

Dunedin

126,000

$285,000

$15,600

18.27

18.2

16.7

20.0

-9%

Queenstown-Lakes

28,700

$678,500

$26,000

26.10

27.0

27.6

35.2

-26%

Invercargill

53,000

$204,000

$12,480

16.35

16.7

13.7

22.3

-27%

Median house price:

Median house prices are as reported by the Real Estate Institute of New Zealand. Although the REINZ series is more volatile than the QV equivalent, there is a highly positive correlation between the two series. The REINZ series is more current and offers an earlier indication of market trends.

Rent:

The median rent is as sourced from the Department of Housing and Building (DBH) and their Tenancy Bond database.

Disclaimer

IMPORTANT – PLEASE READ

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